Bend businessman’s philanthropic gifts to Oregon, Stanford, result in lawsuit from IRS.
BY JACOB PALMER | DIGITAL NEWS EDITOR
A Bend businessman’s philanthropic gifts to Oregon, Stanford, have resulted in a lawsuit from IRS.
Stephen M. Munson is accused of giving $3.2 million in bogus stock options to the universities.
An indictment handed up last month alleges that Munson, a 71-year-old former Army captain, filed a false income tax return in 2009 and later concealed property and made false statements in bankruptcy filings.
“I think he’s innocent of the tax fraud charge,” said Portland criminal defense lawyer Ron Hoevet, who began to assist Munson four years ago during contentious bankruptcy proceedings. “Certainly I was shocked to see (that charge) and I haven’t been able to review the evidence supporting the other three charges.”
The government alleges that on the last day of 2008, Munson sent the University of Oregon and Stanford University emails and letters saying he donated 200,000 shares of his former company to each school – a value of $3.2 million by Munson’s calculation.
(SOURCE: OregonLive.com)
Munson had exited Vulcan Power Co. by selling his controlling interest in 2008.
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